Used cars have become one of the preferred choice of car buyers in the last couple of years. A slow economy, coupled with some lucrative offers on pre-owned cars has resulted in a major spike in the used car segment. Used cars come in different price segments, but in this article, we will be focusing on the best used cars that cost $5,000 or less.
With the world economy in a revival phase, many prospective buyers are looking at the used car segment to realize their dream of owning a car. With the emergence of certified used car dealers, the options for buyers have increased considerably. However, readers should take note of the fact that a certified pre-owned car doesn’t always mean that the car would not need repairs or maintenance in near future.
Car buyers should also keep in mind that for used cars, a manufacturer certification is what counts; dealer certification may or may not be trustworthy. This is primarily because of the reason that manufacturers put used cars through a set of inspections, and only when certain parameters are met, the car is put on sale. We will look at more useful tips for buying a used car, but before that, let’s know the best used cars under $5,000.
Best Pre-Owned Cars Under $5,000
In the following table, you will find a detailed list of car models which fit your budget. Depending on which cars appeal to you, make your decision accordingly.
| Car | Type | Year | *Price | *MPG |
| Chevrolet Aveo | Hatchback | 2005 | 3,700 – 4,300 | 23/32 |
| Ford Crown Victoria | Sedan | 2000 | 3,600 – 3,800 | 16/18 |
| Subaru Impreza | Wagon | 2001 | 4,700 – 4,900 | 20/27 |
| Honda Integra | Sedan | 2001 | 4,200 – 4,600 | 22/28 |
| Mitsubishi Eclipse | Hatchback | 2002 | 3,300 – 4,100 | 17/26 |
| Toyota Echo | Coupe | 2003 | 4,100 – 4,300 | 28/36 |
| Infiniti G20 | Sedan | 2002 | 4,000 – 4,200 | 21/28 |
| Mazda MX-5 Miata | Convertible | 2000 | 3,900 – 5,000 | 20/25 |
| Honda Accord | Sedan | 2000 | 3,500 – 5,000 | 20/28 |
| Audi A4 | Sedan | 2001 | 3,500 – 4,400 | 16/27 |
| Volkswagen Golf Diesel | Hatchback | 2001 | 4,500 – 5,000 | 23/33 |
| Ford Taurus | Wagon | 2003 | 3,900 – 4,600 | 17/24 |
| Honda Odyssey | Minivan | 2000 | 4,300 – 4,600 | 16/23 |
| Toyota Corolla | Sedan | 2002 | 4,300 – 4,700 | 25/30 |
| Lincoln Continental | Sedan | 2001 | 3,500 – 3,600 | 15/18 |
| Honda Civic | Coupe | 2001 | 3,800 – 4,800 | 28/35 |
| Chevrolet Prizm | Sedan | 2002 | 3,200 – 3,400 | 27/37 |
| Volvo S40 | Sedan | 2003 | 4,400 – 4,500 | 19/27 |
(*Price: The prices mentioned here are approximate and can vary across states. The lower limit is for base model, and the upper limit is for top model, i.e., approx base model price – approx. top model price.
*MPG: Miles Per Gallon (MPG) varies across variants. The lower limit is for mpg on city roads, and the upper level is for mpg on highways, i.e., city mpg/highway mpg.)
A Few Tips to Remember
- Avoid buying a used car which does not have a manufacturer certification. Manufacturers are renowned for inspecting the car thoroughly, and based on their inspection, they extend the warranty. It is important to remember that a car certified by the manufacturer entitles a user to enjoy facilities such as loans and roadside assistance. Dealer certified used cars, may or may not offer these privileges.
- While buying a used car, ask the dealer about the duration of the warranty. Specifically ask for the parts that the warranty will cover. It will be even better if you read the terms and conditions of the warranty on the dealer’s website.
- Assuming that a certified pre-owned car will be problem-free is one of the grave mistakes that consumers make. Even if a used car is certified, you need to do all the mandatory checks like engine noise, braking, suspension, etc. Many potential issues with used cars go unnoticed on smooth roads, therefore, it is important that you test it in rough driving conditions. Taking the help of a trustworthy mechanic is advised as there are many glitches that only a trained eye can identify.
- Many cars are polished in an impeccable manner to hide damages caused due to a major accident. To ensure that you are not being conned, take a look at the frame of the car. If there is major damage, there is high possibility that the car has been involved in a serious accident.
- The price mentioned on the sticker is negotiable, and doesn’t always represent the actual value of the car. You need to negotiate with the dealer to settle on a reasonable price.
These tips can be really helpful for first-time car buyers. Keep these in mind when you shop for your dream car. Signing off, we hope that our list of used cars under 5k is useful to you.
Disclaimer: This article is for informative purposes only, and does not assure, or guarantee a particular outcome, or result. Reader discretion is advised.
